My primary research focuses on two-sided markets, especially on platform
competition, and the impact of technology on firms’ strategy. Technology has challenged
the underlying foundations of business, and firms must evaluate and change their
strategies accordingly. My findings indicate that conventional wisdom and rules of thumb
derived from standard economic analysis provide insufficient guidance to firms engaged in
the platform competition inherent in technology-based industries. 



The Role of Coordination Bias in Platform Competition (with Yaron Yehezkel), Journal of Economics & Management Strategy (2015)

This paper considers platform competition in a two-sided market that includes buyers and sellers. One...



When Does a Platform Create Value by Limiting Choice? (with Ramon Casadesus-Masanell), Journal of Economics & Management Strategy (2014)

We present a theory for why it might be rational for a platform to limit...



Information and Two-Sided Platform Profits, International Journal of Industrial Organization (2014)

We study the e ffect of di fferent levels of information on two-sided platform profits--under monopoly and...



The Limits to Scale: Companies That Get Big Fast Are Often Left Behind (with Felix Oberholzer-Gee), Harvard Business Review (2014)

The value of many products and services rises or falls with the number of customers...



Some Economics of Private Digital Currency (with Joshua Gans), Economic Analysis of the Digital Economy, University of Chicago Press, 2015 (2014)

This paper reviews some recent developments in digital currency focusing on platform-sponsored currencies such as...



Beyond Bitcoin: The Economics of Digital Currencies (with Miklos Sarvary) (2015)

Digital currencies are a fairly new phenomenon brought about by the spectacular rise of the...


Popular Press


Understanding Platform-Based Digital Currencies (with Ben Fung), Bank of Canada Review (2014)


When Should a Platform Give People Fewer Choices and Charge More for Them? (with Mikolaj Jan Piskorski), The CPI Antitrust Journal (2010)

Working Papers


Interaction of equilibrium selection criteria: Round numbers as focal points in Treasury auctions (2015)

In games with multiple equilibria, different equilibrium selection criteria have been proposed. Payoff-based equilibrium selection...



Dynamic Competition with Network Externalities: Why History Matters (with Bruno Jullien and Yaron Yehezkel) (2015)

This paper considers dynamic platform competition in a market with network externalities. A platform that...



Competition in the Cryptocurrency Market (with Neil Gandal), Bank of Canada working paper (2014)

We analyze how network effects affect competition in the nascent cryptocurrency market. We do so...



Were Jews in Interwar Poland More Educated? (with Ran Abramitzky) (2014)

Research suggests that Jews have tended to be more educated than non-Jews. We confirm this...



Monotone Strategyproofness (with Guillaume Haeringer), Barcelona GSE Working Papers (2013)

We propose a way to compare the extent of preference misrepresentation between two strategies. We...


Course Development Materials


Tequila Mobile SA (with Jerzy Surma and Aldo Sesia), HBS Case (712-453) and Teaching Note (712-473) (2012)

Wojciech Woziwodzki, co-founder, president, and CEO of Tequila Mobile SA, a mobile games developer, publisher,...



Developing an App for That: Mobile Application Strategy (Banking) (with Joshua Gans and Nathaniel Burbank), HBS Case (711-415) and Teaching Note (711-535) (2011)

At a time when ever-rising smartphone sales are driven as much by demand for devices...



If We Ran The World (with Radka Dohnalova and Aldo Sesia), HBS Case (711-490) and Teaching Note (712-413) (2011)

Cindy Gallop launched IfWeRanTheWorld (IWRTW) in February 2010, as what the tech world called minimum...



One Game to Rule Them All: Lord of the Rings Online and the MMO Market (with William Collis, Rob McKeon, and Ivan Nausieda), HBS Case (711- 529) and Teaching Note (712-435) (2011)

Turbine Inc. is releasing a massively multiplayer online (MMO) game, The Lord of the Rings...



Chances Are? Course Selection at HBS and at Kellogg (with Aldo Sesia), HBS Case (711-449) and Teaching Note (711-449) (2010)

The case describes two alternative elective course assignment procedures: Harvard Business School's lottery-based system and...